Source Match Business News
By Rodrigo Campos NEW YORK (Reuters) - U.S. stocks were set to rise slightly at the open on Wednesday, boosted by bullish earnings from companies like Boeing, Pepsi and Microsoft, though conflicts in Ukraine and the Gaza Strip weighed on investor confidence. Microsoft shares rose 1.4 percent in premarket trading a day after it said it aimed to get its loss-making Nokia phone unit to break even within two years. Boeing added 1.2 percent in premarket trading after it reported a 52 percent jump in quarterly profit on higher commercial aircraft deliveries. PepsiCo rose 2.1 percent before the opening bell after it reported a higher-than-expected quarterly profit and raised its full-year adjusted earnings forecast.
(Reuters) - Delta Air Lines reported a higher second-quarter profit on Wednesday as it flew fuller planes and enjoyed higher passenger revenue in the United States and Europe. Delta expected unit revenue - a benchmark gauge known as passenger revenue per available seat mile - to grow 2 percent to 4 percent in the current quarter.
(Reuters) - Boeing Co reported a 52 percent increase in quarterly profit, helped by a rise in commercial aircraft deliveries and raised its full-year earnings forecast. The company said commercial aircraft deliveries rose 7 percent to 181, including 30 Dreamliner jets, in the second quarter ended June 30. Boeing's ability to churn out the Dreamliner, which was hit by problems with its lithium-ion batteries last year, is crucial to the company's financial performance this year as it is relying on commercial jets to offset a weak defense business. The planemaker delivered its first stretched Dreamliner 787-9 in the quarter.
By Yoko Kubota and Maki Shiraki TOKYO (Reuters) - Japan is readying subsidies to help Toyota Motor Corp and key suppliers take the lead in hydrogen-powered fuel cell vehicles that could top $400 million over the next several years if the most bullish projections for the technology play out. Prime Minister Shinzo Abe's planned consumer rebates of at least $20,000 per vehicle would be the largest government support plan for hydrogen vehicles yet, raising the stakes for a commercially unproven technology with roots in the space race that Toyota and others see headed for the mainstream over the coming decades. The taxpayer-funded program would bring down the cost of Toyota's soon-to-be-launched hydrogen-powered fuel cell car to around $50,000 in Japan, about the cost of a small luxury sedan such as the BMW 3 Series.
(Reuters) - PepsiCo Inc reported a higher-than-expected quarterly profit and raised its full-year adjusted earnings forecast, helped by strong sales of snacks such as Lays and Doritos chips in North America. Shares of the maker of Pepsi-Cola, Frito-Lay snacks and Tropicana juice rose 2.3 percent to $91.25 before the bell. The company said organic revenue grew 5 percent in its global snacks business, partly due to price hikes. Organic revenue rose 2 percent in beverages business. Snack volumes in North America grew 2. ...
Fiat Chrysler CEO Sergio Marchionne on Wednesday quashed speculation of a possible tie-up with Germany's Volkswagen , saying the idea had never been on the agenda. A German magazine earlier this month reported Volkswagen Chairman Ferdinand Piech had held talks with the owners of Fiat Chrysler about buying all or part of the group. John Elkann, the head of holding group Exor which controls Fiat Chrysler via a 30 percent stake, said at the same event as Marchionne that there was nothing else to add on the matter. Fiat and Exor had already denied the German report, while Volkswagen said it had no takeover plans.
By Brenda Goh and Paul Carsten SHANGHAI/LANGFANG China (Reuters) - Shanghai police said on Wednesday they detained five people in an investigation into a Chinese-based supplier of foreign fast-food brands including KFC and McDonald's Corp over allegations the firm supplied out-of-date meat. The five detained include the head of the company - Shanghai Husi Food Co Ltd, a unit of U.S.-based OSI Group LLC - and the firm's quality manager, the police said in an online statement. McDonald's, Yum Brands Inc, the parent company of KFC and Pizza Hut, and coffee chain Starbucks Corp are among global brands to have pulled products from their outlets after it emerged that Shanghai Husi supplied expired meat to clients in China, as well as Japan, in the latest in a series of food safety scandals in the country. Earlier, the official Xinhua news agency cited the Shanghai food and drug watchdog as saying that food safety violations at Shanghai Husi were company-led rather than the acts of individuals.
The Federal Reserve Bank of New York has found serious problems in Deutsche Bank's U.S. operations, including shoddy financial reporting, weak technology and inadequate auditing and oversight, a person close to the matter told Reuters. In a letter to the German lender's executives last December, a senior official with the New York Fed described financial reports produced by some of the bank's U.S. divisions as "low quality, inaccurate and unreliable", said the source, who is familiar with the letter. The New York Fed, as the U.S. central bank's eyes and ears on Wall Street, directly supervises the biggest U.S. and foreign banks, partly through embedded regulators who go to work each day inside the banks. Deutsche Bank shares lost 1.8 percent in early trading, the biggest decliners on both Germany's blue-chip index and among the European banking sector, on fears that U.S. regulators could take action against the bank.
(Reuters) - Whirlpool Corp on Wednesday reported a lower quarterly profit as sales fell in every region except North America. The company also cut its full-year earnings outlook, citing expenses from two pending acquisitions. Whirlpool, which sells its washers and dryers, stoves, and refrigerators under a variety of brand names including Whirlpool, Maytag, KitchenAid and Jenn-Air, said it had sold $4.7 billion in goods during the quarter, unchanged from a year earlier. The Benton Harbor, Michigan-based company said sales gains in North America were offset by weakness in the rest of the world, including Latin America, Europe and Asia.
By Sarah N. Lynch WASHINGTON (Reuters) - U.S. regulators are expected to adopt rules on Wednesday that force "prime" money market funds used by large institutions to float their share price. Proponents have suggested that moving from the current stable $1 per share net asset value (NAV) to a floating NAV would help prevent investors from getting spooked by the prospect of funds "breaking the buck," or falling lower than that amount. The reform will impact a wide variety of asset managers, from Blackrock Inc, Fidelity and Vanguard to Charles Schwab Corp, Pimco and Federated Investors Inc. The two-pronged reform for the $2.6 trillion industry comes after a long battle between the SEC, the industry and federal banking regulators. The industry and the U.S. Chamber of Commerce have warned that any rules that drastically change the structure of money market funds could cut off a major supply of short-term funding for corporations.
(Refiles to correct spelling of Allston in fourth paragraph) By John McCrank NEW YORK, July 17 (Reuters) - The U.S. Securities and Exchange Commission has been seeking information on 10 registered broker dealers as part of an ongoing investigation into high-frequency trading strategies, according to an internal SEC document reviewed by Reuters. The regulator told its staff in late March that it was interested in seeing any tips, complaints, or referrals that they receive concerning the brokers and high frequency trading. ...
A "Benefit Corporation" (B Corp) is a company that engages in socially beneficial practices and considers how their business decisions will impact their employees, suppliers, community, consumers and the environment. I believe a company doesn't have to be exclusively a nonprofit or a for-profit and a B Corp is the perfect hybrid of the two--a company structured to make a profit while also providing social benefits.
Walmart could be the next battleground in the fight over gun rights in retail chains after a loaded revolver was found in the bathroom of a South Carolina store. On the afternoon of Saturday, July 12, a man with a concealed carry permit left his gray Smith & Wesson revolver, loaded with five live .38 caliber rounds, atop the toilet paper dispenser in a stall of the rear men's bathroom of a York, South Carolina Walmart, according to a police report.